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LAS VEGAS, March 12, 2022 /PRNewswire/ — The unprecedented used car market makes it more important than ever to understand vehicle history. Accident history is the No. 1 thing used-car shoppers look for in a vehicle’s history, and rightfully so: CARFAX estimates that the average impact on value for a vehicle with damage in its past is about $300 on the wholesale price and $400 on the retail price. Those numbers jump to an average of nearly $1,200 for wholesale and $1,500 for retail if the vehicle has sustained severe damage.
CARFAX estimates as many as 40% of vehicles on U.S. roads today have some damage in their history; that’s about 110 million cars. CARFAX data also shows one in four cars are sold within a year of a damage incident. Dealers can use the CARFAX Vehicle History Report to see if there has been damage reported to CARFAX, and also get help in determining the severity. Most reports detail where the impact was and how severe the damage was.
“It’s such an advantage to not just see ‘accident’ or ‘damage’,” said Randy Bowman, General Manager at West Point Buick GMC. “When you can see ‘minor’ or ‘severe’, it helps explain to customers if it was a fender bender in a driveway versus a major accident where airbags deployed. It not only helps our customers to know that information up front, but it helps us protect our investment in our inventory.”
The CARFAX Vehicle History Report makes it easier for car dealers to find and assess damage, and make sure they’re getting the best inventory at the right price. It’s critical for dealerships to know whether a vehicle has sustained damage, otherwise they could be overpaying by hundreds, if not thousands, of dollars – directly affecting their bottom line. CARFAX has a free valuation tool, History-Based Value, that factors in location and market conditions as well as vehicle-specific information, such as reported…
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